{
  "url": "https://openlegislation.uk/building-societies-act-1986/schedule-15/paragraph-12",
  "json_url": "https://openlegislation.uk/building-societies-act-1986/schedule-15/paragraph-12.json",
  "legislation": "ukpga/1986/53",
  "legislation_title": "Building Societies Act 1986",
  "legislation_url": "https://openlegislation.uk/building-societies-act-1986",
  "path": "schedule/15/paragraph/12",
  "kind": "paragraph",
  "number": "12",
  "heading": null,
  "text": "(1) Section 107 (distribution of property) of the Act does not apply; and the following applies in its place.\n(2) Subject to the provisions of Part IV relating to preferential payments, a building society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors . . . pari passu and, subject to that application, in accordance with the rules of the society.\n(3) In sub-paragraph (2) the reference to the society’s liabilities to creditors includes a reference to the society’s liabilities to shareholding members of the society in respect of deposits which are not relevant deposits.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 15 para. 12(2) repealed (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 15 para. 12(3) inserted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 33(4) (with art. 3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/53/schedule/15/paragraph/12",
    "retrieved_at": "2026-10-29T09:54:49.368285+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}